There are a few extra costs (one-time payment) you need to know when you decide to buy a property in Istanbul:
- Title deed cost: 4% of the total price is the title deed cost that you need to pay to Istanbul title deed registration office (sometimes this cost is shared between the buyer and the developer 2% 2%)
- Valued added tax: on residential property is either 1% or 18% . if the net space of the apartment is less than 150 sqm the tax will be only 1%, and if the net space is more than 150 then the tax will be 18%( you will be exempt from paying the VAT if you transfer the price of the property from outside of Turkey in USD and you do not have valid residence permit in Turkey.
- Utility fees: we will set up utilities and services for your property, such as water, electricity, gas, and internet in your name, this will cost you approximately $500 in total.
- Evaluation Report: It is required by the government for buyers to make an evaluation report to assess its market value. The cost of this evaluation can vary depending on the size and location of the property, this will cost approximately $400 according to the miscibility in Istanbul which you are buying at.